平台自买自卖 比特币成交天量靠刷

比特币价格28日冲上6900元，单日涨幅超过4%。如果使用5倍杠杆，则投资者一天的收益可达20%。今年以来，比特币价格如坐火箭，涨幅超过194%，风光程度超过房地产、螺纹钢等明星投资品种，成功吸引众多“大妈”和“小鲜肉”入市。迅速膨胀之下，目前国内主要比特币交易平台单日成交额已超过300亿元。

With five times leverage, investors can earn up to 20% a day. Since this year, Bitcoin prices have increased by more than 194%, exceeding the investment varieties of stars, such as real estate, threaded steel, and so on, and have succeeded in attracting a large number of "mothers" and "sweet meat" to the market.

除区块链技术受追捧、“黑天鹅事件”引发避险情绪等因素外，火爆行情的背后还有一个隐秘的“推手”——交易平台刷量。比特币资深投资者和业内人士透露，比特币交易平台刷量“凶猛”，写个程序挂一晚就能把交易量从10万币刷到200万币。刷交易量能提升交易活跃度，推高价格，最终提升交易平台的市场份额和收入，而且几乎零成本、零风险。然而，刷出来的市场繁荣暗藏风险，一旦市场情况发生变化，普通投资者将成为“韭菜”。

In addition to the success of block chain technology and the “black swan incident” that created a sense of risk avoidance, there was a hidden “driller” behind the fire, the trading platform. Senior Bitcoin investors and insiders revealed that the Bitcoin trading platform was “breathingly” and that a single one-night-long program would be able to brush transactions from 100,000 to 2 million. The volume of transactions would increase the activity, push prices, eventually raise the market share and income of the trading platform, with almost zero cost and zero risk.

公开的秘密

{\bord0\shad0\alphaH3D}The secret of the public.

比特币投资者吴清（化名）发现，最近自己在某小型比特币平台进行的交易有些蹊跷，出价明显高于最终成交价，却屡屡抢不到挂出来的比特币。“在采取撮合算法促成交易的比特币交易平台上，出价高者优先成交，出高价抢不到币的情况在理论上是不可能的。”吴清说，在网上请教了资深投资者后，他才明白自己撞上了“刷量程序”。这种程序自卖自买，挂出来的比特币只可能由程序自己买到，吴清自然抢不到。

Bitcoin investor Wu Qing found that he had recently made a strange deal on a small bitcoin platform, with a price significantly higher than the final price, and that he had repeatedly failed to steal the hung bitcoin. “On the bitcoin trading platform, where a cut-off method has enabled the transaction, it is not theoretically possible for the highest bidder to make a deal, and it is impossible for Wu Qing to make a bid more expensive.” Wu Qing said that he had only learned to teach senior investors online before he realized that he had hit a “scaffolding program.” This procedure was self-sold, and the hanged bitcoins could only be bought by the program itself, and Wu Qing could not.

多位比特币资深投资者告诉中国证券报记者，比特币交易平台刷量是业内公开的秘密。某大型比特币交易平台技术骨干表示，交易平台刷量的成本很低，只需要开一个账户，“写入”一定的比特币，挂一个程序，就能把交易量蹭蹭地做上去。据媒体报道，国内多家主要比特币交易平台人士曾表示，业内刷量屡见不鲜。通过刷量，一夜之间交易量增长20倍都有可能。国内多家交易平台的负责人在不同场合指责其它平台有刷量行为，但当中国证券报记者联络这些平台的负责人时，他们均否认自己所在平台刷量。

A number of senior Bitcoin investors told Chinese securities reporters that the Bitcoin trading platform was a secret to the industry. The technical backbone of a large Bitcoin trading platform said that the transaction platform was a low-cost one account, “writing” a certain bitcoin, and hanging up a program to make the deal. According to media reports, many of the country’s major Bitcoin trading platforms had said that there was a lot of in-house brushes.

由于今年比特币行情火爆，尽管有投资者注意到平台的刷量做法，但抵触情绪并不严重。某大型比特币交易平台媒体部负责人表示，目前投资者顶多在网上论坛对刷量发一发牢骚，没有更进一步的行动。

As a result of this year’s bitcoin boom, despite investors’ attention to the platform’s brushing practices, resistance is not serious. The head of the media department of one of the large bitcoin trading platforms said that investors now have at best an online forum to complain about the brushing without further action.

三种刷量模式

随着区块链技术升温，比特币交易日趋活跃。比特币交易平台实际是区块链上的一个节点。比特币交易在结算之前并不涉及实际的比特币转移，实际上与区块链是否安全无关，因此区块链这一高度安全的技术无法防止交易平台刷量。

The Bitcoin trading platform is actually a node on the block chain as block chain technology warms. Bitcoin transactions do not involve actual bitcoin transfers before settlement, and are not actually related to the security of block chains, so the highly secure technology of the block chain does not prevent the trading platform from running.

交易量是比特币投资者尤其是初级投资者选择交易平台的首要考量。资深比特币投资者李志（化名）告诉中国证券报记者，比特币交易平台刷量有三种方式：一是直接虚报交易量。

The volume of transactions is the primary consideration for Bitcoin investors, especially primary investors, to choose a trading platform. Senior Bitcoin investors, Li Chi (aliasing) told Chinese securities reporters that there are three ways the Bitcoin trading platform is scalding: one is direct misrepresentation of the volume of transactions.

国内主要交易平台均公布24小时交易量，可以虚报一个好看的交易量。二是设立账户，挂一个程序进行高频对倒，吴清撞上的就是这一类。比特币交易平台允许自交易，挂一个程序在技术上不是什么难事。交易平台只需设定该账户仅接受某一区块链地址的交易对手，实际就是该账户本身。这种对倒表面上形成了交易，实质没有发生比特币转移，交易平台在做大交易量的同时无需承担价格波动风险。三是设立两个账户，通过程序实现两个账户之间的高频对倒。

The main domestic trading platforms publish a 24-hour transaction volume that allows them to overstate a good deal. Second, they set up an account with a program for high frequency countervailing, which is the type of transaction that Wu Qing hit. The Bitcoin trading platform allows for self-trading, and it is not technically difficult to hang a program. The trading platform simply requires that the account accept only a specific block chain address, which is actually the account itself. This represents a transaction on the face of the face, without a bitcoin transfer in substance, and the trading platform does not have to bear the risk of price fluctuations while making a large transaction volume.

李志表示，第一种方式太简单粗暴，容易露馅。如果实际交易活跃程度与公布的数字相差太远，投资者很容易看出破绽。第三种方法最不容易露马脚。交易平台偶尔允许投资者介入两个刷量账户之间的对倒，这将使交易平台承担一定的价格波动风险。

Li Chi said that the first approach was too simple and rude to be open. Investors could easily see a break if the actual level of activity was too far away from the published figures.

国内某大型比特币交易平台媒体部门负责人表示，目前国内交易平台刷量主要采取第二种模式。虽然像吴清那样经验丰富的投资者能发现破绽，但多位资深投资者表示，除非从交易平台内部获得所有交易记录，投资者几乎不可能掌握刷量的确凿证据。

According to the head of the media department of one of the country’s large Bitcoin trading platforms, the current domestic trading platform is mainly based on a second model. While experienced investors like Wu Qing can find a leak, many senior investors say that unless all transactions are recorded from within the trading platform, it is almost impossible for investors to have solid evidence of the amount.

警惕道德风险

{\bord0\shad0\alphaH3D}Beware of moral hazard

由于相关监管法规缺失，交易平台刷量可谓毫无顾忌，带来的利益则是实实在在的。

Due to the absence of relevant regulatory regulations, the volume of trade platforms could not be overstretched and the benefits would be real.

OKcoin和火币网相关人士表示，目前交易平台主要有两大盈利来源，首先是提现费。OK-coin根据用户等级收取千分之三至千分之五的人民币提现费。投资者完成交易后，把账户里的比特币换成人民币，需向交易平台支付费用。提现费严重依赖交易活跃度。投资者越多，交易的比特币越多，提现也就越多。这项收费是平台盈利的主要来源。其次通过向投资者提供杠杆并收费。平台向投资者借出比特币，投资者实现杠杆操作，这项收入也与投资者数量、交易活跃度直接相关。

As investors complete the transaction, the currency in the account is replaced by the renminbi, which is charged to the trading platform. The more investors, the more bitcoin are traded, the more money is raised. This is the main source of profit for the platform. The second is leverage for investors by lending them bitcoins, which is also directly related to the number of investors and the active nature of the transactions.

刷量可以在一定程度上推升比特币交易价格，价格上升有助于吸引更多投资者，提升活跃度，形成正循环。不过，一位精通比特币底层技术的专业人士表示，国内比特币交易平台都有做空机制，而且与境外交易平台在一定程度上互联互通，资深投资者擅长在各平台腾挪。这些因素叠加的结果是，任何一个交易平台完全操纵价格的可能性很低，但影响价格确实是可能的。

Brushing can boost bitcoin trading prices to some extent, and price increases can help attract more investors, increase activity, and create a positive cycle. But, according to a professional who specializes in bottom bitcoin technology, domestic bitcoin trading platforms have empty mechanisms and are connected to offshore trading platforms to some extent, and senior investors are good at moving across platforms.

业内人士认为，比特币交易平台刷量使投资者面临风险隐患。首先，交易量影响价格波动，投资者尤其初级投资者恐成为“韭菜”。李志说：“不明就里的玩家如果进入一个严重依赖刷量的交易平台，等到潮水退去，交易平台不刷量了，交易量骤减，比特币价格跳水，高级玩家可以高频交易快速抛盘，初级玩家就只能哭爹叫娘。”

According to industry, the volume of the Bitcoin trading platform exposes investors to risk. First, the volume of transactions influences price volatility, and investors, especially primary investors, are afraid to become “cooks.” Li Chi said: “If an unknown player enters a trading platform that relies heavily on brushes, waits for the tide to retreat, the trading platform stops, the volume of transactions drops, the price of bitcoin jumps, senior players can quickly throw up high-frequency transactions, and primary players can only cry at their parents.”

其次，交易平台在刷量时“既当裁判，又当运动员”，存在很大的道德风险。北京征信律师事务所高级合伙人周学腾表示，传统的证券交易所并不存在比特币交易平台的这种刷量问题。《证券法》禁止交易所相关人员在交易所参与交易。《基金管理公司投资管理人员管理指导意见》对基金管理公司人员也有相应的避嫌要求。比特币交易平台走在监管边缘地带，所以容易出现问题。

Second, there is a great moral hazard to trading platforms when they do them “as judges and as athletes.” The senior partner of Beijing’s law firm, Zhou Quantue, stated that the traditional stock exchange did not have such a brushing problem as a bitcoin trading platform. The Securities Act prohibits exchange-related persons from engaging in transactions on the exchange.

业内人士表示，虽然投资者难以掌握交易平台刷量的证据，但监管部门如果介入，只需调出交易记录就基本可以判断是否存在刷量情形。

Industry sources have indicated that, while it is difficult for investors to obtain evidence of the volume of the transaction platform, if the regulator intervenes, it is only necessary to transfer the transaction record to make a basic determination as to whether or not the volume of the inventory exists.